US Bitcoin Holders Worry About Chinese Control of the Mining Network

Could China take over the Bitcoin (BTC) ecosystem? It’s a very real possibility, and it could happen very quickly because China controls more than half of the world’s Bitcoin mining operations — upward of 65% of the computing power to mine Bitcoin. No other country is anywhere near that number. Additionally, according to Genesis Mining’s recent “The State of Crypto Mining 2020” report, 60% of Bitcoin owners have a real concern about that Chinese majority and what it could mean for the stabilization of the cryptocurrency.

And they should be worried. China owning more than half of mining operations could result in a disruption to the system, instability to the Bitcoin blockchain or even a takeover of the entire system. Bitcoin was not built to be a controlled currency.

So, why is China’s vast mining network a concern? In order to understand the potential threat in China’s majority control, we need to look at a fundamental attribute of how the Bitcoin ecosystem works:…